REUTERS SUMMIT-No European banks have asked for UK licences as Brexit looms

Reuters Staff

1 Min Read

LONDON, Sept 25 (Reuters) - Britain’s financial watchdog has not had any applications as yet from European Union financial firms operating in the UK who may lose the right to “passport” their services into Britain once the country leaves the bloc in March 2019.

“We haven’t had any yet. I would say this is still talks about talks in some ways,” Financial Conduct Authority Chief Executive Andrew Bailey told Reuters’ Regulation Summit on Monday.

Almost 13,500 banks, insurers, asset managers and other financial firms use EU passporting rules that allow easy access between Britain and the rest of the bloc, underscoring the importance of the issue in Britain’s exit negotiations with the EU. More firms in Europe were using passporting than UK-based firms. (Reporting by Huw Jones, editing by Louise Heavens)